Crude Oil Price Forecast – Crude Oil Markets Bounce From the 50 Day EMA
WTI Crude Oil Technical Analysis
The West Texas Crude Oil market has initially fallen during the Thursday session to reach down to the 50 Day EMA. At this point, the market then turned around to show signs of life. The candlestick is trying to form a bit of a hammer, and ultimately, it’s likely that we have seen a bit of a pullback in order to find value. Keep in mind that there are still all of the same issues that we had previously, so I do think that it’s likely the market will turn around at this point.
If we break above the highs of the day, then we start to focus on $118, followed by $120. The market breaking down below the 50 Day EMA could be a problem, and at that point we could fall all the way down to the $100 level, but I don’t see that happening in this environment. Oil continues to be a “buy on the dips” scenario.
Crude Oil Prices Forecast Video 17.06.22
Brent Crude Oil Technical Analysis
Brent also fell during the trading session, to reach the 50 Day EMA region, but turned around to show signs of life again. The market looks as if we are going to go higher and break above the $120 level. If we were to break above the $120 level, then the market goes looking to the $125 level.
If we do break down below the 50 Day EMA, then we could see a significant breakdown, but at this point, it is very unlikely to happen, especially as we have seen so much in the way of demand for crude oil. The market will continue to be noisy, but it still favors the upside.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
More From FXEMPIRE:
SpaceX employees denounce CEO Musk as “distraction” – letter
E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Sellers Eyeing 10468.25 as Next Objective
Lyft reaches $25 million settlement over claims it hid safety problems
Analysis-Blown off course again, Fed policymakers see near-record uncertainty
